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Scenario: Suppose a Competitive Market Has Ten Buyers and Ten

Question 19

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Scenario: Suppose a competitive market has ten buyers and ten sellers. The product exchanged in this market is beach hats, which are indivisible. The following table shows the reservation values for both buyers and sellers.
Scenario: Suppose a competitive market has ten buyers and ten sellers. The product exchanged in this market is beach hats, which are indivisible. The following table shows the reservation values for both buyers and sellers. -Refer to the scenario above.If the market is perfectly competitive,the equilibrium quantity of hats is ________. A) 6 B) 5 C) 10 D) 4
-Refer to the scenario above.If the market is perfectly competitive,the equilibrium quantity of hats is ________.


A) 6
B) 5
C) 10
D) 4

Correct Answer:

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